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Even though buy now, pay later services have been shining lately, at one point it was all about stores with layaway. I can remember as a kid hearing chatter about which stores to shop at based on whether or not they offered layaway payments as an option.
Layaway programs first appeared after the Great Depression, according to Investopedia. With the introduction of credit cards and store charge cards, the number of stores with layaway began to go down. But layaway became relevant again in 2008 with the economic recession when it became more attractive to use layaway than to make a purchase with a credit card.
Now that it’s 2022, stores with layaway options are still very much a thing. We’ve rounded up the most popular retailers who have layaway programs perfect for your holiday shopping.
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What is layaway, anyway?
Basically, it’s an agreement between a customer and a store that allows a customer to reserve an item before they’ve fully paid for it.
Customers pay a deposit, and stores hold the merchandise until the balance is paid in full. There are no interest payments or credit checks, but sometimes service fees and cancellation fees are involved.
Why would I want to try layaway?
Layaway is a great option if you don’t want to spend a big chunk of your budget in one trip, or when you can’t pay for an item outright. It’s also perfect for shoppers who want to avoid using (or overusing) their credit cards.
TIP: You’ll also want to check out our take on the various Buy Now, Pay Later options.
Will layaway affect my credit?
Nope. No credit or income checks are needed to start a layaway account in a physical store, and no interest is charged for the payments you’ll make to purchase the item.
Stores with layaway in 2022:
Stores that don’t have layaway anymore:
- GameStop
- Marshalls
- T.J.Maxx
- Walmart
Does Walmart have layaway?
Unfortunately, Walmart layaway 2022 is not a thing anymore. While the Walmart layaway program used to be popular with holiday shoppers for many years, that program is officially gone.
Now that Walmart Layaway is gone, they direct you to their buy now, pay later program, which lets you finance purchases through Affirm with a series of monthly payments. You can use Affirm as a payment method when you’re shopping on Walmart.com. Or if you’re shopping in store, you’ll scan a special barcode at checkout to pay with Affirm.
A few things to know:
- Affirm does charge interest, but you can spread your payments out between three and 24 months.
- Unlike with layaway, you’ll receive your items immediately when using Affirm, even before payment is received in full.
While there’s no more Walmart layaway, they do accept other buy now, pay later services, such as PayPal and Klarna. While these aren’t traditional layaway options, they still offer an option to pay installments to receive merchandise depending on your credit score.
How does Amazon layaway work?
Amazon does have a layaway program, but it might not be an option available to all customers. You might not see layaway as an option due to the type of product you’re looking at, its price, availability, or your delivery address.
A few things to know:
- With the Amazon Layaway program, a credit check is not required.
- You can put 20% down on the eligible purchase, spread out in five payments on an eight-week plan.
- When the payment due date hits, charges will automatically withdraw from your credit or debit card.
- Any taxes or shipping fees are added to the last bill.
You can also shop on Amazon with Zip (formerly QuadPay).
Burlington layaway is legit.
Burlington layaway gives you bonus cash just for signing up! Check to see if your local store offers layaway. Loyalty members will get a $5 bonus card for all completed layaways, and the program is offered year-round.
A few things to know:
- You have to pay $10 or make a 20% down payment on the first day, and pay an additional 20% 14 days after your purchase.
- Layaway items will be held for less than 30 days when placed between Nov. 19, and Dec. 11, 2022.
- Outside of that window, the balance must be paid within 60 days, and there’s a $5 service fee.
If you don’t complete your layaway on time or cancel at any time, all items will be returned to stock and you’ll be charged an additional $10 fee.
Does Target have layaway?
Target doesn’t offer a layaway program. Target does accept buy now, pay later with Zip (formerly QuadPay), Klarna, Sezzle, and Affirm. You can also shop with the Target RedCard credit card option. But be aware of the hefty APR that comes with the credit version of the RedCard.
Best Buy layaway is nonexistent.
Unfortunately, Best Buy doesn’t have a layaway program. Instead, they promote their credit card. If you qualify, the Best Buy credit card does have special offers for interest-free periods.
Best Buy does accept buy now, pay later with Affirm.
Big Lots layaway is called “price hold.”
Big Lots doesn’t have traditional layaway, but what they do have is “Price Hold,” which has similarities and is worth mentioning, especially if you’re in the market for layaway furniture.
The Price Hold program is only available in Big Lots stores that carry furniture. The way it works is it holds the current price of an item when an item is out of stock or when you can’t pay for that item in full. Big Lots will hold that price until the item is either restocked and delivered to the store or until you’ve paid the full amount in order to purchase it. Once you’re within two weeks of paying off the Price Hold, contact the store to verify that the merchandise will be available when you plan to pick it up.
Big Lots also has a lease-to-own program with Progressive Leasing.
Kmart & Sears layaway only works for certain items.
Sears and Kmart layaway is available all year, but only on items with the label “Layaway Eligible.” There are two layaway plans available:
- 8-week plan: $5 signup fee, $15 cancellation fee
- 12-week plan: $10 signup fee, $25 cancellation fee
The 12-week plan is only available in-store on purchases of $400 or more at Sears or $300 or more at Kmart. Both programs require a $10 down payment. Layaways may only be canceled in store.
TIP: Some stores will allow the use of coupons when you’re putting something on layaway. Be sure to give your coupons to the store associate when you activate your layaway plan so that they’ll be reflected in the total amount due.
T.J.Maxx layaway is no more.
Way back in 2011, T.J.Maxx shared on their Facebook page that half of their locations offered layaway, but that doesn’t seem to be the case anymore. At the time they posted about it, they said you could identify where to find T.J.Maxx layaway stores by looking for a clothes hanger icon on their store locator page. But we looked and couldn’t find any of those icons anymore. And all mentions of the layaway program seem to have been removed from their site. Womp, womp.
